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MONTRÉAL - Vision Marine Technologies Inc. (NASDAQ:VMAR) announced Wednesday the promotion of Daniel Rathe to Chief Technical Officer as the company transitions from product development to commercial deployment of its electric marine propulsion systems. According to InvestingPro data, the company maintains a healthy current ratio of 3.93, though it faces challenges with rapid cash consumption.
The appointment coincides with the completion of development for the company’s E-Motion 180E high-voltage electric powertrain, which has undergone validation with McLaren Engineering. This milestone marks the conclusion of Chief Operating Officer and Chief Technology Officer Xavier Montagne’s contract with the company.
Rathe, who worked under Montagne’s mentorship for over two years, will lead Vision Marine’s technical operations in Florida, focusing on system conformity, installation, testing, and establishing high-voltage rigging bays across Nautical Ventures’ locations.
The company is leveraging its recent acquisition of Nautical Ventures Group Inc. to support the U.S. boat market through nine dealers across Florida. According to the press release, Nautical Ventures has demonstrated a 5-year EBITDA compound annual growth rate exceeding 20%.
"Daniel’s leadership and technical expertise, combined with the strong operational platform provided by Nautical Ventures, position Vision Marine to capitalize on the growing demand for electric marine propulsion," said Alexandre Mongeon, Chief Executive Officer of Vision Marine Technologies.
In a separate announcement, the company reported that Anthony E. Cassella, Jr. resigned from its Board of Directors effective July 11, 2025, citing potential conflicts between his professional activities at MarineMax and his role on Vision Marine’s Board.
Vision Marine stated it remains committed to expanding both its high-voltage electric propulsion business and multi-brand retail operations through its Nautical Ventures network.
The information in this article is based on a company press release.
In other recent news, Vision Marine Technologies announced that its E-Motion 180E electric marine propulsion system has been approved for California’s Clean Off-Road Equipment Voucher Incentive Project. This approval makes the system eligible for up to $170,000 in per-unit vouchers. The incentives apply to new electric boat builds and retrofit conversions, potentially boosting adoption among California’s approximately 4,400 commercially operated vessels. These vessels include ferries, harbor patrol boats, tour boats, and rental services. Vision Marine’s E-Motion 180E is the only electric powertrain of its class listed under the CORE program. The approval aligns with California’s broader emissions reduction goals in the maritime sector. The CORE program, administered by the California Air Resources Board, aims to reduce the upfront cost of zero-emission off-road equipment through point-of-sale vouchers. This development highlights increasing government support for commercial fleet electrification initiatives in states with strict emissions regulations.
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